OSC and CIRO launch a review into high-pressure sales tactics at Canadian banks
The Ontario Securities Commission (OSC) and the Canadian Investment Regulation Organization (CIRO) have initiated a coordinated review of sales practices in Canadian bank branches.
This follows public concerns regarding alleged high-pressure sales tactics involving mutual funds at certain Canadian banks.
The review aims to understand the sales culture and environment within Canadian banks and assess the extent of any potential issues.
The initial phase, focusing on information gathering, will continue into early 2025, with findings guiding subsequent steps.
Individuals with relevant information are encouraged to contact the OSC's Whistleblower Program.
The Program ensures confidentiality and protections against reprisals for whistleblowers and offers awards of up to $5m for tips leading to successful enforcement actions.
The OSC’s mandate includes protecting investors from unfair or fraudulent practices, fostering confidence in capital markets, and contributing to the stability of the financial system.
Investors are advised to verify the registration of individuals or companies offering investment opportunities and to consult OSC investor materials.
